Perth gains best in the country
Perth house prices have increased more in the last year and quarter than in any other Australian city, according to data from Residex.
The market could also be heating up further with September figures showing growth in Perth is ahead of Sydney, Brisbane, Melbourne and Adelaide.
House prices have increased 6.63% over the year, with a 13.41% jump in the number of sales to 24,707.
Rents for houses have also increased dramatically, up 21.52% for the year to $480 per week, which is double anywhere else in the country.
REIWA president David Airey believes higher rents, a low rental vacancy rate and strong population growth will continue to put pressure on property prices. He also sees positive signs in the first home buyer market, which tends to underpin the rest of the market.
“First-home buyer grants for the September quarter were at their highest level since 2009, before the first-home owner grant boost ended, and now account for around 30% of sales,” says Airey.